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Dec 31, 2012
12/12
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the other tax, medical device tax, 2.8%, gross receipts tax on medical devices. that means whether the company makes money or not, it is still taxed at that 2.8% rate. and then finally, there is the 3.8% unearned income tax. they will get hit with that on capital gains and dividends. so these are major changes in tax policy that crept up on most people unawares because we've been focused on the other stuff. >> dave: yeah. that medical device tax in particular really hurts because it might stifle innovation, research and development. that's the last thing our medical industry can afford. but i want to ask you about this fiscal cliff. it appears, for at least the time being, john boehner is on the side line letting something get hashed down in the senate between mitch mcconnell and joe biden right now. let's just say if a deal comes out of the senate that puts this tax increase around half million dollars threshold, say it has satisfactory spending cuts, is there still any chance that type of bill gets enough republican support in the house to get signed into law a
the other tax, medical device tax, 2.8%, gross receipts tax on medical devices. that means whether the company makes money or not, it is still taxed at that 2.8% rate. and then finally, there is the 3.8% unearned income tax. they will get hit with that on capital gains and dividends. so these are major changes in tax policy that crept up on most people unawares because we've been focused on the other stuff. >> dave: yeah. that medical device tax in particular really hurts because it might...
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Dec 26, 2012
12/12
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minimum tax. there is an entire set of taxes that there are two methods of tax. if you're doing that, you're in a lower tax rate and certain things are not deductible for the alternative minimum tax. you can't deduct state income taxes or real estate taxes. so you really need to run the numbers for both years, look at some of the rate changes that you are going to know about, such as 3.8% investment income, medicare tax and other things, then make those decisions. >> gretchen: unfortunately, we don't know exactly what tax rate anyone is going to have because we still are in the fiscal cliff thing. you do recommend prepay state income taxes? >> if you're not in the amt, prepay state income taxes, prepay real estate taxes because you can get deductions. if you're deciding you want to save tacks for 2012. >> gretchen: prepay your 2013 mortgage so it can be included in 20 is it -- 2012. >> you can't pay your february one, but you can pay your january one because it's interest in december and you can g
minimum tax. there is an entire set of taxes that there are two methods of tax. if you're doing that, you're in a lower tax rate and certain things are not deductible for the alternative minimum tax. you can't deduct state income taxes or real estate taxes. so you really need to run the numbers for both years, look at some of the rate changes that you are going to know about, such as 3.8% investment income, medicare tax and other things, then make those decisions. >> gretchen:...
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Dec 27, 2012
12/12
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for example, one big tax increase in the obama tax increase package is the capital gains tax rate is going to go up 58% on the higher income taxpayers. and so now in the last 50 years, every time the capital gains tax rate has been raised, capital gains revenues have declined rather than increased. and every time the capital gains tax rate has been cut, capital gains revenues increased rather than declined. and cbo has gotten it wrong every time over 50 years. and so whether you're deal -- what you're doing with obama is not just the expiration of the bush tax cuts, but obama tax goes into effect as well. the cap gains rate will go up 58% and this is going to lose revenue rather than gain revenue just as it has in the past. similarly, the tax increase on dividends. if the bush tax cut expires, along with the obamacare tax increase, the tax rate on dividends is going to increase -- actually triple. when bush cut the tax rate on dividends, dividends pay soared and so did the taxes napad on them as a result. if you reverse that tax cut and put the obamacare tax on top, dividends are goi
for example, one big tax increase in the obama tax increase package is the capital gains tax rate is going to go up 58% on the higher income taxpayers. and so now in the last 50 years, every time the capital gains tax rate has been raised, capital gains revenues have declined rather than increased. and every time the capital gains tax rate has been cut, capital gains revenues increased rather than declined. and cbo has gotten it wrong every time over 50 years. and so whether you're deal -- what...
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Dec 29, 2012
12/12
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. >> t-minus three days until everyone's taxes go up. the politicians are in a mad scramble this morning. so, what are the odds of a deal to prevent disaster? >>> the price of fashion. are your skinny jeans a health risk? why doctors are warning of nerve damage, abdominal pain, heart burn, even blood clots. >>> is britney spears about to lose her job as a judge on a talent show? why simon cowell reportedly calls her toxic to the show's success. >>> and good morning, everyone. we've got a lot to get to this last week of 2012. can you believe this year is almost over? and of course, we're going to start the show with weather. take a look at snow falling overnight in illinois. the year ending with a one-two punch of nasty weather for much of the country. ginger zee will tell us how it will affect your travel plans. >> nothing makes ginger happier than a big winter storm. we'll talk to her in just a moment. >>> speaking of travel. this is exactly what you do not want to hear after you've ponied up for a christmas cruise on "the queen mary 2.
. >> t-minus three days until everyone's taxes go up. the politicians are in a mad scramble this morning. so, what are the odds of a deal to prevent disaster? >>> the price of fashion. are your skinny jeans a health risk? why doctors are warning of nerve damage, abdominal pain, heart burn, even blood clots. >>> is britney spears about to lose her job as a judge on a talent show? why simon cowell reportedly calls her toxic to the show's success. >>> and good...
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Jan 1, 2013
01/13
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taxes in el cerrito and union city are now at 9.5%. >>> 5:50 now. marijuana clubs are starting to pop up in the state of colorado. at least two have opened up less than a month after the governor signed into law a constitution amendment allowing recreational marijuana use. one: 00 says 200 people -- one club says 200 people have already signed up and paying the $30 admission fee. they have to bring their own drugs. as long as it's not sold, it's legal in colorado. where do they get it? >> let's not ask. >>> if you partied hard last night we have the magic veggie to cure your hangover. we'll tell you about that. >> maybe your new year's resolution is hitting the gym. meet a couple that plans to run a marathon every day this year. wow. >> you're going to meet them. ,, ,,,, new years clutter is no match for someone with big ideas. with a new project in mind, some how-to knowledge to give us an edge, and more savings down every aisle. it only takes a few twists and turns for those bright ideas to make the new year even brighter. more saving. more doing.
taxes in el cerrito and union city are now at 9.5%. >>> 5:50 now. marijuana clubs are starting to pop up in the state of colorado. at least two have opened up less than a month after the governor signed into law a constitution amendment allowing recreational marijuana use. one: 00 says 200 people -- one club says 200 people have already signed up and paying the $30 admission fee. they have to bring their own drugs. as long as it's not sold, it's legal in colorado. where do they get it?...
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Dec 30, 2012
12/12
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KGO
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forcing tax increases and lactose intolerance on america this morning. jon by the way has a big show. senators chuck schumer and jon kyl on "this week." a lot of news developing overnight. we go to mr. ron claiborne who has extraordinary videotape. >> out of russia. a plane crash outside of moscow. we'll begin with this stunning video. the plane overshot the runway and careened into traffic and abc has the story. >> reporter: you're about to see the terrifying moment of impact as the russian passenger jet slams into a busy highway. watch again. you can see the plane's tire colliding with the moving car. and listen closely. you can hear the squealing brakes and crushing metal. the crash took place on saturday at an airport outside moscow. the red wing's airline's flight broke through a barrier fence shattering into three pieces and bursting into flames before skidding to a stop at the edge of the highway. witnesses rushed to pull survivors out of the wreckage. the russian made tupolev 204 was flying back from the czech republic with no passengers and eigh
forcing tax increases and lactose intolerance on america this morning. jon by the way has a big show. senators chuck schumer and jon kyl on "this week." a lot of news developing overnight. we go to mr. ron claiborne who has extraordinary videotape. >> out of russia. a plane crash outside of moscow. we'll begin with this stunning video. the plane overshot the runway and careened into traffic and abc has the story. >> reporter: you're about to see the terrifying moment of...
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Dec 24, 2012
12/12
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e week before the taxes are going to sky rocket. steve is live in washington. >> good morning, gretchen and everybody. washington is shut down for the christmas holiday . when everybody does come back to town, the ball will be in the democrat's court because speaker boehner was unable to bring his on board. for the plan b. >> onous is on senator reid and the president to come up with a solution and present it to the house and get back to the bargaining table. >> now the president has insisted on a tax hike for the healthy but wants that at $250,000 or $400,000 and not one mill yen and even though the president scaled back his expectations for what can be accomplished some democrats said a grand bargain shouldn't be that hard to reach. >> we ought to take peeker boehner and the president's last offer and split the difference and it would be a package 2.6 trillion can couple that with 1.1 trillion and that would be close to four trillion needed to stabilize the debt and bring it down. >> the president and members was congress will ret
e week before the taxes are going to sky rocket. steve is live in washington. >> good morning, gretchen and everybody. washington is shut down for the christmas holiday . when everybody does come back to town, the ball will be in the democrat's court because speaker boehner was unable to bring his on board. for the plan b. >> onous is on senator reid and the president to come up with a solution and present it to the house and get back to the bargaining table. >> now the...
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Dec 29, 2012
12/12
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extending tax cuts for those making $250,000 or less. and continuing unemployment benefits for the millions who will lose them when the new year strikes. >> that's the bare minimum that we should be able to get done. >> reporter: it's clear whatever happens, there is no time, now, for a grand bargain on the even tougher issues. cutting spending and raising the debt ceiling. >> we're going to end up with a small, kick-the-can down the road bill, that creates another fiscal cliff to deal with this fiscal cliff. how irresponsible is that? >> reporter: and does washington still, the stock market burns. dropping for a sixth-straight day under this uncertainty. americans are burning up, too. >> this is america. they should be working for the american people. >> can't believe we got this close. >> get in a room and don't come out of the room until you've got this thing taken care of. >> reporter: what the senate leaders hope to do is put together this deal, bring it to the senate tomorrow. then, the house comes back in session tomorrow night. t
extending tax cuts for those making $250,000 or less. and continuing unemployment benefits for the millions who will lose them when the new year strikes. >> that's the bare minimum that we should be able to get done. >> reporter: it's clear whatever happens, there is no time, now, for a grand bargain on the even tougher issues. cutting spending and raising the debt ceiling. >> we're going to end up with a small, kick-the-can down the road bill, that creates another fiscal...
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Dec 30, 2012
12/12
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you know, for extending the bush tax cuts, is it 250,000 and above, that you let the taxes go up, is it 400, 500,000, ultimately what it comes down to, harry reid says i can get enough votes from democrats to support this plan. >> and democrats say and republicans say that would be about the 1 percent-ers, so-called 1 percenters would hit that 400,000 a year maybe higher, up to 500,000, what revenue does this generate? we've been hearing about this for a long time. what does it actually generate? well, if we take about 12.4 days to run the federal government, that's the amount of money extra that the government would bring in to run the federal government. that's how much we spend in 12 days. so, all of this fighting back and forth, that's why so much is being said or lack of-- i guess i should say, lack of being said about cuts. and the real way we can grow this economy is cuts. get all of this out of control spending in place first. >> dave: right, and just the conversation alone that we're now having, the american people are the loser in this deal because none of this talk is abou
you know, for extending the bush tax cuts, is it 250,000 and above, that you let the taxes go up, is it 400, 500,000, ultimately what it comes down to, harry reid says i can get enough votes from democrats to support this plan. >> and democrats say and republicans say that would be about the 1 percent-ers, so-called 1 percenters would hit that 400,000 a year maybe higher, up to 500,000, what revenue does this generate? we've been hearing about this for a long time. what does it actually...
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Dec 28, 2012
12/12
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KTVU
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it will soon mean higher sales tax and higher income tax on the state's top earners. the fiscal cliff would add to that hitting all americans with higher taxes. >> i don't know, there's a word to describe how upset the public is going to be. nobody's going to be happy to see that happen. >> if taxes go up on everybody it's not going to be a happy time. but i think that's inevitably what's going to happen. >> they say the lowest income folks will see their take home pay shrink just over three and a half%. average earners 4% and top earners 6%. >> another sign the housing market is improving, the national association of realtors says pending home sales rose last month to the highest level in 2 and a half years. pending sales rose nearly 2% in november and that's the third month in a row it's gone up. >> amazon had a green christmas season. they announced the 2012 holiday sales were the biggest ever. they had several record setting days including cyber monday when customers ordered 26 and a half million products. they won't give exact numbers but say sale of the kindle d
it will soon mean higher sales tax and higher income tax on the state's top earners. the fiscal cliff would add to that hitting all americans with higher taxes. >> i don't know, there's a word to describe how upset the public is going to be. nobody's going to be happy to see that happen. >> if taxes go up on everybody it's not going to be a happy time. but i think that's inevitably what's going to happen. >> they say the lowest income folks will see their take home pay shrink...
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Dec 26, 2012
12/12
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keep those tax rates where they are. not raise taxes and boehner rejected that. he had opportunity -- excuse me, i'm still talking. he has opportunity now to do exactly what the republicans say they want and boehner rejects it. >> it is beyond revenue. it is about spending. that is our problem. >> you can stop going over cliff first of the year. >> what about spending that got us in bind we're in? none of the revenue that will be generated will make a dent in our spending especially the 6 trillion the president has --. patti ann: brad, democrats are arguing, you know obama won re-election and that means voters prefer his economic strategy and it is really the republicans obligation to bend here. what do you say to that? >> that is nonsense. the president has no mapped date. if anything, we have more division today than we did back on election day. the electorate may have wanted divided governing but they're not going to expect the kind of gridlock we've had the last four years. look they control the senate and white house. when the president controlled all branch
keep those tax rates where they are. not raise taxes and boehner rejected that. he had opportunity -- excuse me, i'm still talking. he has opportunity now to do exactly what the republicans say they want and boehner rejects it. >> it is beyond revenue. it is about spending. that is our problem. >> you can stop going over cliff first of the year. >> what about spending that got us in bind we're in? none of the revenue that will be generated will make a dent in our spending...
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Dec 31, 2012
12/12
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the tax impact for the average american family is more than $3400. senate leaders continue to work on the stop gap bill. the sticking points remain. >> there is still significant distance between the two sides. negotiations continue. >> negotiations will continue through the night. now with just hours to go until the deadline. abc news, washington. >>> as the government teeters on the edge of the fiscal cliff, you might want to change your tax strategy. coming up at 11:35, advice from 7 on your side's michael finney. ders in the hte did agree on something today. they extended the 2008 farm bill for one more year. that bill expired in october. milk prices could have doubled to $7 a gallon next month if lawmakers failed to extend it. the agreement prevents the government from returning to a 1948 formula to set milk prices. some economists call this the dairy cliff. >>> today was the last sunday for free meter parking in san francisco. next sunday you will have to pay from noon to 6:00 p.m. atish ifer man's wharf from noon until 7:00 p.m. the city set u
the tax impact for the average american family is more than $3400. senate leaders continue to work on the stop gap bill. the sticking points remain. >> there is still significant distance between the two sides. negotiations continue. >> negotiations will continue through the night. now with just hours to go until the deadline. abc news, washington. >>> as the government teeters on the edge of the fiscal cliff, you might want to change your tax strategy. coming up at 11:35,...
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Jan 1, 2013
01/13
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. >> the temporary agreement keeps income tax rates steady for most americans limiting tax hikes to households making $450,000. >> i think we can say we've done some good for the country. >> president obama encouraged the house to pass it right away. >> if there's even one second left before you have to do what you're supposed to do, they will use that last second. >> this has not been a great start to the new year for hillary clinton. >> she's undergoing treatment for a blood clot in the head between the brain and the skull. >> she didn't have a stroke. she didn't have a seizure. the prognosis is excellent. >>> estimated 1 million people in times square. >> revelers welcomed in the new year with celebrations around the world, 1,000 people in hong kong, spectacular fireworks display over the skies of london. >> i'm saying let's get it on. >> it's so many people making out. >> it's you and me yea! >> all that matters. >> last night was the first new year's eve without the iconic countdown from dick clark. >> most people come and go dick clark was here for generations. >> someone on twitter said
. >> the temporary agreement keeps income tax rates steady for most americans limiting tax hikes to households making $450,000. >> i think we can say we've done some good for the country. >> president obama encouraged the house to pass it right away. >> if there's even one second left before you have to do what you're supposed to do, they will use that last second. >> this has not been a great start to the new year for hillary clinton. >> she's undergoing...
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Dec 25, 2012
12/12
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at least through tax day. >> that is your new year's resolution. >> thank you for that. >> sure. >> house thousands of people are celebrating this morning at birthplace of jesus christ. joining us from bethlehem is leland vittert. good morning. leland. >> reporter: good morning. merry christmas. afternoon in bethlehem. if you look at mapger square, pilgrims from all over the world are streaming in. the christmas tree in manger square. back behind is the church of the nativity where the pilgrims make their way in and down into the grotto where it says jesus was born more than 2000 years ago. last night christmas eve mass inside the church. it is a magical experience. standing room only as well as thousands packed in to listen to the message of the latin patriarch who talked about peace and blessings this christmas season, declared the birth of jesus and earlier took a bit of a political bend as he started talking about this is not only celebrating the birth of jesus and the birth of a palestinian state at the united nations. that is a feeling we've gotten here, a very different feeling in
at least through tax day. >> that is your new year's resolution. >> thank you for that. >> sure. >> house thousands of people are celebrating this morning at birthplace of jesus christ. joining us from bethlehem is leland vittert. good morning. leland. >> reporter: good morning. merry christmas. afternoon in bethlehem. if you look at mapger square, pilgrims from all over the world are streaming in. the christmas tree in manger square. back behind is the church of...
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Dec 29, 2012
12/12
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estate taxes. >> juliet: yeah. >> there are payroll tax issues. there's a whole host of alternative minimum tax that are important to small business owners. i have a lot of family business owners where the estate tax is very important to them. >> juliet: all right. bob russell, we appreciate you joining us today. it's obviously something that we all will be watching intently here at fox news channel. happy new year. all righty, coming up from the ice ages, punishment f, and banning bibles, the culture wars making news in 2012. we'll be right back. ♪ bye-bye miss american pie ♪ ♪ drove my chevy to the levee, but the levee was dry ♪ ♪ you lose through diet and exercise, alli can help you lose one more by blocking some of the fat you eat. let's fight fat with alli. ♪ >> and welcome back. as 2012 comes to a close, let's take a look at part two of some of the most important culture stories, clicked on the most on foxnews.com. >> dave: and fox radio correspondent here with a recap. todd, we remember the ice ages, essentially punished for doi
estate taxes. >> juliet: yeah. >> there are payroll tax issues. there's a whole host of alternative minimum tax that are important to small business owners. i have a lot of family business owners where the estate tax is very important to them. >> juliet: all right. bob russell, we appreciate you joining us today. it's obviously something that we all will be watching intently here at fox news channel. happy new year. all righty, coming up from the ice ages, punishment f, and...